IRLAB Therapeutics - Positive signs for mesdopetam in Q1 update
IRLAB Therapeutics has reported Q123 results, providing a financial update and highlighting its near-term strategic priorities. The company intends to present further comprehensive data from the Phase IIb mesdopetam study in FY23, while discussions with Ipsen continue regarding the next clinical steps for the drug. Patient recruitment in the PD-Falls Phase IIb pirepemat study continues as planned, with patient enrolment expected by end FY23. We see this as a positive indicator that IRLAB is on track to deliver top-line results in H124. In light of the quarterly results, we have made adjustments to our forecasts and estimate that IRLAB’s net cash position of SEK210.1m at end March is sufficient to fund operations to the end of Q124. The company’s lower net cash position has been offset slightly by rolling our model forward. Our valuation is virtually unchanged at SEK4.90bn or SEK94.7/share (previously SEK4.84bn or SEK93.3/share)IRLAB Therapeutics AB is a Sweden-based research and development company. It focuses on illnesses in the central nervous system and primarily on development of drugs to assist patients with Parkinson's disease. The Company possesses a research platform Integrative Screening Process (ISP), which aims to discover and develop drug candidates for the treatment of brain diseases. The Company operates projects on both clinical phase and preclinical phases. The primary projects are IRL790 and IRL752, both on clinical phase. The IRL790 project is a psychomotor stabilizer for the treatment of levodopa (L-dopa) amino acid that dyskinesia induces in Parkinson's Disease (PD-LIDs) and Parkinson Disease psychosis (PD-Psychosis). The IRL752 project aims at cortical enhancement for the treatment of Parkinson Disease Dementia (PD-D) and Behavioral and Psychological Symptoms of Dementia (BPSD).
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